Torray

Q4 2019 13F · by James Bailey, portfolio manager

As of: Dec 31, 2019
Filed: Feb 11, 2020
US stock: $581M · prev $918M
Positions: 102 · prev 102
Options notional: $0
Documents: 1· no amendments

Picture99.1% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.1%
Foreign stock not listed in the US 0.9%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves102 since the prior filing

+8.1 pp in · −10.1 pp out

New 4 +2.57 pp
Added 31 +5.51 pp
Trimmed 63 −6.70 pp
Exited 4 −3.39 pp

The book

Diversified · behaves like 50 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 15% a year, about 6.5 years per position

Low
Moderate
High

Top 5 positions17% of US stock

Positions102 in this filing · 4 exited


BACBank of America Corporation	3.67%	605,090	$21M	trimmed−19%	+1.28 pp	21 q
AXPAmerican Express Company	3.60%	167,974	$21M	trimmed−18%	+0.96 pp	27 q
LLoews Corporation	3.38%	373,825	$20M	trimmed−0%	+1.28 pp	27 q
CSCOCisco Systems, Inc. (DE)	3.19%	386,856	$19M	trimmed0%	+1.11 pp	27 q
MRSHMarsh	3.17%	165,199	$18M	added+2%	+1.40 pp	27 q
AIGAmerican International Group, Inc.	2.82%	319,078	$16M	trimmed−0%	+0.88 pp	11 q
JNJJohnson & Johnson	2.82%	112,272	$16M	trimmed−0%	+1.24 pp	27 q
ETNEaton Corporation, plc	2.79%	171,389	$16M	trimmed−0%	+1.24 pp	27 q
BPBP p.l.c.	2.78%	428,118	$16M	trimmed−0%	+1.01 pp	19 q
IBMInternational Business Machines Corporation	2.78%	120,489	$16M	trimmed−2%	+0.84 pp	27 q
BRK.BBERKSHIRE HATHAWAY Class B	2.74%	70,293	$16M	trimmed−0%	+1.14 pp	11 q
INTCIntel Corp	2.71%	262,610	$16M	trimmed−0%	+1.23 pp	27 q
CBChubb Limited	2.56%	95,602	$15M	trimmed−0%	+0.88 pp	16 q
GMGeneral Motors Company	2.54%	402,603	$15M	trimmed−1%	+0.89 pp	14 q
TGNATEGNA Inc.	2.50%	869,295	$15M	held	—	19 q
JPMJPMorgan Chase & Co.	2.48%	103,149	$14M	trimmed−0%	+1.16 pp	3 q
WFCWells Fargo & Co.	2.36%	255,030	$14M	held	—	27 q
RDS.ARoyal Dutch Shell PLC	2.34%	230,457	$14M	trimmed−1%	+0.85 pp	10 q
GDGeneral Dynamics Corporation	2.00%	66,020	$12M	trimmed−0%	+0.68 pp	27 q
BDXBecton, Dickinson and Co.	1.94%	41,474	$11M	trimmed−0%	+0.79 pp	27 q
SWKStanley Black & Decker, Inc.	1.88%	65,756	$11M	trimmed−0%	+0.84 pp	25 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.85%	36,628	$11M	trimmed−0%	+0.98 pp	27 q
DDDuPont de Nemours, Inc.	1.83%	165,626	$11M	added+62%	+1.03 pp	3 q
KHCThe Kraft Heinz Company	1.81%	327,050	$11M	new	+1.81 pp	new
AAPLApple Inc.	1.48%	29,249	$9M	trimmed−74%	−1.23 pp	27 q
AMZNAmazon.Com Inc	1.35%	4,252	$8M	trimmed−64%	−0.90 pp	9 q
unresolvedGeneral Electric Co	1.35%	701,317	$8M	trimmed−9%	+0.60 pp	27 q
DOWDow Inc.	1.31%	138,670	$8M	trimmed−0%	+0.59 pp	3 q
MSFTMicrosoft Corp	1.21%	44,533	$7M	trimmed−76%	−1.62 pp	15 q
GOOGLAlphabet Inc. Class A	1.15%	4,973	$7M	trimmed−74%	−1.41 pp	18 q
FISVFiserv, Inc.	1.12%	56,455	$7M	trimmed−75%	−1.42 pp	27 q
VVISA Inc.	1.09%	33,579	$6M	trimmed−75%	−1.46 pp	27 q
AMTAmerican Tower Corporation	1.06%	26,739	$6M	trimmed−77%	−1.80 pp	27 q
DHRDanaher Corporation	1.01%	38,205	$6M	trimmed−76%	−1.53 pp	27 q
ADBEAdobe Inc.	0.94%	16,604	$5M	trimmed−77%	−1.21 pp	27 q
LZAGYLonza Group AG UNSP/	0.90%	144,449	$5M	trimmed−77%	−1.46 pp	10 q
ORLYO'Reilly Automotive, Inc.	0.88%	11,675	$5M	trimmed−78%	−1.41 pp	13 q
VRSKVerisk Analytics, Inc.	0.87%	33,965	$5M	trimmed−76%	−1.54 pp	22 q
ROPRoper Technologies, Inc.	0.86%	14,065	$5M	trimmed−77%	−1.49 pp	5 q
BMRNBioMarin Pharmaceuticals Inc	0.82%	56,505	$5M	trimmed−72%	−0.66 pp	24 q
NKENike, Inc.	0.82%	47,055	$5M	trimmed−76%	−1.18 pp	27 q
SHWThe Sherwin-Williams Company	0.82%	8,178	$5M	trimmed−77%	−1.33 pp	12 q
CNCCentene Corporation	0.80%	73,559	$5M	trimmed−77%	−0.71 pp	7 q
unresolvedCooper Cos Inc/The	0.78%	14,043	$5M	trimmed−74%	−0.99 pp	22 q
ACNAccenture PLC	0.74%	20,433	$4M	trimmed−76%	−1.08 pp	27 q
APHAmphenol Corporation	0.73%	39,142	$4M	trimmed−76%	−0.98 pp	27 q
SCHWThe Charles Schwab Corporation	0.72%	87,679	$4M	trimmed−79%	−1.17 pp	16 q
METAMeta Platforms, Inc. Class A	0.71%	20,089	$4M	trimmed−75%	−0.85 pp	17 q
GMABGenmab A/S	0.61%	159,919	$4M	trimmed−77%	−0.93 pp	13 q
BXBlackstone Inc.	0.59%	60,788	$3M	trimmed−2%	+0.26 pp	5 q
CHKPCheck Point Software Technologies Ltd	0.58%	30,618	$3M	trimmed−76%	−0.92 pp	11 q
MSIMotorola Solutions, Inc. New	0.57%	20,613	$3M	new	+0.57 pp	new
AMGNAmgen Inc	0.49%	11,764	$3M	trimmed−2%	+0.24 pp	10 q
ABBVAbbvie Inc.	0.45%	29,349	$3M	trimmed−2%	+0.20 pp	15 q
LYBLyondellBasell Industries N.V. Class A	0.43%	26,278	$2M	trimmed−1%	+0.17 pp	15 q
CMICummins Inc.	0.42%	13,760	$2M	trimmed−1%	+0.17 pp	6 q
LVSLas Vegas Sands Corp.	0.42%	35,632	$2M	added0%	+0.20 pp	4 q
QCOMQualcomm Inc	0.42%	27,686	$2M	trimmed−1%	+0.19 pp	15 q
CPRTCopart Inc	0.40%	25,671	$2M	added+5%	+0.19 pp	13 q
PSXPhillips 66	0.40%	20,928	$2M	trimmed−3%	+0.16 pp	15 q
LMTLockheed Martin Corp.	0.38%	5,677	$2M	trimmed−2%	+0.13 pp	15 q
MOAltria Group, Inc.	0.37%	43,287	$2M	added+5%	+0.19 pp	5 q
AZPNAspen Technology Inc	0.37%	17,763	$2M	added+13%	+0.16 pp	13 q
IPGThe Interpublic Group of Companies, Inc.	0.36%	89,886	$2M	trimmed−0%	+0.15 pp	4 q
MRKMerck & Co., Inc.	0.33%	21,309	$2M	trimmed−1%	+0.13 pp	15 q
EPDEnterprise Products Partners L.P.	0.30%	62,109	$2M	added+1%	+0.11 pp	5 q
PRUPrudential Financial, Inc.	0.30%	18,467	$2M	added+1%	+0.12 pp	14 q
HXLHexcel Corporation	0.29%	23,034	$2M	trimmed−9%	+0.06 pp	13 q
BABoeing Company	0.28%	4,992	$2M	added+1%	+0.08 pp	12 q
AKXAnsys Inc	0.25%	5,726	$1M	added+10%	+0.13 pp	13 q
SBACSBA Communications Corp	0.24%	5,751	$1M	added+10%	+0.10 pp	12 q
WEDWebster Financial Corp	0.24%	26,298	$1M	added+11%	+0.12 pp	8 q
CTLTCatalent, Inc.	0.23%	24,123	$1M	added+23%	+0.13 pp	4 q
ICFIICF International, Inc.	0.23%	14,364	$1M	added+11%	+0.11 pp	13 q
POOLPool Corporation	0.23%	6,409	$1M	added0%	+0.09 pp	10 q
CYBRCyberark Software LTD/ISRAEL	0.23%	11,239	$1M	added+10%	+0.12 pp	4 q
MPWRMonolithic Power Systems, Inc.	0.22%	7,333	$1M	added+10%	+0.11 pp	5 q
QLYSQualys, Inc.	0.22%	15,309	$1M	trimmed−20%	+0.06 pp	13 q
TDOCTeladoc Health, Inc.	0.22%	15,232	$1M	added+11%	+0.12 pp	2 q
MTDMettler-Toledo International	0.21%	1,519	$1M	added+11%	+0.11 pp	13 q
DNKNDunkin' Brands Group, Inc.	0.20%	15,565	$1M	added+12%	+0.08 pp	13 q
JKHYHenry (Jack) & Associates	0.19%	7,669	$1M	trimmed−5%	+0.06 pp	13 q
AMNAMN Healthcare Services	0.18%	16,880	$1M	added+12%	+0.09 pp	9 q
OMCLOmnicell Inc	0.18%	12,728	$1M	added+12%	+0.09 pp	13 q
MKSIMKS Inc.	0.17%	9,212	$1M	added+32%	+0.10 pp	7 q
ESGREnstar Group Ltd	0.17%	4,854	$1M	added+12%	+0.08 pp	12 q
HALOHalozyme Therapeutics, Inc.	0.16%	51,832	$919,000	added+12%	+0.08 pp	13 q
PRAAPRA Group, Inc.	0.16%	26,105	$948,000	added+14%	+0.08 pp	10 q
VRRMVerra Mobility Corporation Class A	0.16%	65,579	$917,000	added+33%	+0.08 pp	2 q
CHDChurch & Dwight Co., Inc.	0.15%	12,005	$844,000	added+11%	+0.06 pp	13 q
IPGPIPG Photonics Corporation	0.15%	5,901	$855,000	added+9%	+0.07 pp	13 q
RCKTRocket Pharmaceuticals, Inc.	0.12%	30,058	$684,000	new	+0.12 pp	new
ENBEnbridge, Inc	0.10%	15,070	$599,000	trimmed−3%	+0.04 pp	27 q
GOOGAlphabet Inc. Class C	0.09%	400	$535,000	trimmed−1%	+0.04 pp	9 q
IWFiShares Russell 1000 Growth ETF	0.08%	2,702	$475,000	added+6%	+0.04 pp	5 q
IWDiShares Russell 1000 Value ETF	0.07%	2,774	$379,000	new	+0.07 pp	new
ECLEcolab, Inc.	0.06%	1,677	$324,000	trimmed−2%	+0.02 pp	9 q
IDXXIdexx Laboratories Inc	0.06%	1,350	$353,000	held	—	8 q
SBUXStarbucks Corp	0.06%	4,000	$352,000	held	—	6 q
VONGVanguard Russell 1000 Growth ETF	0.06%	1,867	$338,000	added+35%	+0.04 pp	3 q
HONHoneywell International, Inc.	0.04%	1,390	$246,000	trimmed−3%	+0.01 pp	9 q
MAMastercard Incorporated	0.04%	723	$216,000	trimmed−8%	+0.02 pp	3 q
WUThe Western Union Company	—	−489,926	—	exited	−1.24 pp	—
VIABViacom Inc. Class B	—	−382,580	—	exited	−1.00 pp	—
EOGEOG Resources, Inc.	—	−104,347	—	exited	−0.84 pp	—
CTVACorteva, Inc.	—	−101,982	—	exited	−0.31 pp	—